Next support test for CL with-trend swing traders is 87.50. If that breaks, there's a measured move target off the daily chart around 84.00.
Yes, but I was thinking more along the lines of slippery slope. I don't know where you two are going.
surf let's take a quick review of some major misconceptions you have about TA Vs surf's Price Drivers (and now I understand why when you explained your TA background). 1) surf says TA doesn't have real price drivers! As we see in JCP and AAPL and lastly in the YM there are real price drivers in TA that can be quantified and acted upon even in the 1st minute or their appearance. 2)surf says TA can only describe the past! TA allows us to see where the market is vulnerable to a FUTURE turn and set an ambush if we see the expected turn in the market. JCP had the Attention Grabber level set out days in advance and the Smart Money could be seen reversing hard on the exact level in the 1st minute of the turn. In the YM I described the TA Price Drivers as elephants - something the trained eye can't miss. 3)TA only uses past prices and so has no future predictive value! The conversation below regarding the YM brings up a very powerful TA technique and that is PA rolling though bigger time frames and bringing in bigger players. This is happening now on the YM but TA allowed me to see this potential when the market was just making its early turn intraday. I could see that we were in a position that was extremely dangerous and likely to roll from the 2 hr through the 4 hr on to the daily and over to the weekly. TA allows the trader to see the potential in advance and call both major and minor moves. 4) Something that is totally lacking in your Price Driver method is control. You say stops are for weak hands but you stop out - and usually at the worst place. TA allows a high degree of control by moving stops for sound reasons and placing initial stops that demand the trade proves the set up or takes you out with minimal pain. You trade CL on a wing and a prayer and regardless of whether you get your PD formula correct, this will be a loophole that can crash a fund when a big loss was a precursor to a sudden waterfall drop. Quote from marketsurfer: What is your chart telling you about Monday? You TA folks speak in riddles that can easily be interpreted after the fact to mean anything. Please be specific. My Price Drivers are signaling bullish for Monday. I maintain, once TA shows it, its too late or of negligible value in MOST cases. Enough so to negate the value of such an approach. Clearly, it can be shown in a very small number of circumstances to have value-- such as the daily candle in JCP-- but its not repeatable enough to be of interest. surf It is telling you the welcome mat has been replaced by the trap door. It's not talking about Monday, it's talking about now - take profits and reverse short. You hold that short until you get a buy signal and that might be on Monday. It might be in a week or a month as this has the potential to roll through a lot of time frames. This is a dangerous position to be long imo because of the roll over potential. In any event bank profits, sell short and wait for the buy signal. Xspurt Let's see what the daily looks like from that initial turn as PA rolled thought the time frames...